RedBird Capital Partners has completed a refinancing designed to strengthen AC Milan’s capital structure and expand the club’s long-term financial flexibility, replacing acquisition-related vendor financing from entities advised by Elliott Advisors UK Limited with new institutional debt financing arranged by Comvest Credit Partners. The move eliminates loans tied to RedBird’s 2022 purchase of the club and aligns the financing package with RedBird’s long-term strategic and operational plans as the sole control owner.
As part of the transaction, two Elliott representatives—Managing Partner Gordon Singer and Associate Portfolio Manager Dominic Mitchell—will step down from AC Milan’s board. RedBird said there are no other board or management changes, maintaining continuity in governance and day-to-day oversight.
RedBird founder and managing partner Gerry Cardinale said the firm has focused over the last three years on improving AC Milan’s financial and sporting performance, returning the club to profitability, and building a more sustainable foundation. He also pointed to progress on the San Siro stadium project as increasing confidence in the club’s trajectory, while reiterating RedBird’s intent to keep investing for long-term growth and global brand elevation.
KEY QUOTES
“Over the past three years, we have worked to consistently strengthen AC Milan’s financial and sporting performance, returning the Club to profitability and building a strong, more sustainable foundation for its future. Our ownership of AC Milan is driven by a long-term commitment to the Club, its leadership in the city of Milan and its heritage as one of the most successful European football clubs in the world. With the San Siro project now underway, we are even more confident in the Club’s trajectory and our ability to support its continued growth and success. We will continue to identify opportunities to enhance value while elevating AC Milan and the city of Milan on the world stage.”
Gerry Cardinale, Managing Partner of RedBird and President of AC Milan
“We are proud of what AC Milan has accomplished since Elliott acquired the club in 2018. Under Elliott’s ownership and subsequently RedBird’s, the club’s financial and sporting performance have improved significantly and the team has won two major trophies, including the 2021/22 Scudetto. The stewardship of a historic institution like AC Milan is an important responsibility, and we wish RedBird continued success in the future.”
Gordon Singer, Managing Partner, Elliott
